Mining firm Xstrata has confirmed reports from earlier in the week that Glencore International will exercise its option to buy back its Prodeco coal operations in Colombia.
Under the option agreement, Glencore will pay Xstrata $2.25 billion in cash upon completion of the sale.
The Prodeco business comprises the Calenturitas and La Jagua open pit thermal coal operations, export port facilities and a 39.8% share in a railway in Colombia.
Glencore sold the mines to Xstrata in 2009 as its share of Xstrata’s rights issue.
No comments:
Post a Comment